OAR 813-300-0080: Fiduciary Organization Use of Tax Credit Contributions and Supplemental Funds

(1) Oregon individual development account tax credit contributions to fiduciary organizations and any supplemental funds from the Department or its designee to fiduciary organizations must be used by fiduciary organizations solely for reasonable and documented program plan purposes consistent with these rules. (2) In addition to any other limitations on supplemental funds imposed by the Department or its designee when providing such supplemental funds to fiduciary organizations, the following limitations apply to the use of tax credit contributions and supplemental funds: (a) Fiduciary organizations only may expend tax credit contributions and supplemental funds in a manner consistent with their budget as approved by the Department or its designee; (b) Fiduciary organizations may expend up to an amount authorized in writing by the Department and its designee for reimbursement of reasonable and appropriate administrative and program operational costs; (c) The ultimate determination of reasonable and appropriate is reserved to the Department in its sole discretion; (d) Fiduciary organizations may not expend supplemental funds for administering the solicitation of tax credit contributions; (e) Fiduciary organizations may expend tax credit contributions and supplemental funds for appropriate matching of account holder IDA deposits as specified in ORS 458.690 (1). (3) The aggregate maximum amount of matching IDA funds that an account holder may accrue and a fiduciary organization may disburse during the existence of that account holder's IDA must not exceed $20,000. (4) Reverted matching IDA deposits must be used by fiduciary organizations to make matching IDA deposits for eligible account holders consistent with these rules as soon as is reasonably practicable